Misappropriation has become the accepted explanation for the refinancing behavior of Chinese listed companies, although the evidence in support of such an explanation is worthy of further discussion. We argue that if a planned refinancing exercise does not become a reality, post-refinancing...

Purpose: The purpose of this paper is to analyze the reason for Chinese local officials' enthusiasm towards cultivating newly listed firms within their jurisdictions.Design/methodology/approach: With new initial public offering (IPO) firms on the Chinese A-share market over 1999~2003 as samples,...